PORTLAND—The Groves, a multi-housing property located in Gresham, a suburb of Portland, Oregon, has changed hands. JLL Capital Markets represented the seller, NBP Capital, in the $38.5 million sale.
The buyer was an affiliate of Abacus Capital Group.
The Groves offer one-, two- and three-bedroom floor plan options, totaling 201 units. The apartments offer community amenities for residents, including a swimming pool, community lounge with a TV, fitness center, barbeque area and playground.
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Located at 3500 N.E. 17th St. in Gresham, this Portland submarket is primed for long-term growth; with the city proposing various economic initiatives to foster employment growth and stimulate housing demand, according to a prepared release.
Additionally, the property is positioned near many retail options, including Safeway, Natural Grocers and the Gresham Station Shopping Center, and is just one mile from the MAX Blue Line light rail station which allows regional access across the Portland MSA.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Ira Virden, Senior Director Carrie Kahn and Associate Frank Solorzano.
"This is another example of ample investor appetite for well-located, suburban assets with a value-add component," Virden added. "The Groves is an asset with tremendous growth potential, in large part due to the immediate market's apartment fundamentals, which exhibited over 3% rent growth during COVID-19, in a sub-market with very little new supply and direct access to growing employment drivers."
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